RATIOS OF EARNINGS TO FIXED CHARGES
Published on September 11, 2003
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Statement Regarding Computation of
Ratios of Earnings to Fixed Charges
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Six Months Ended |
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Year Ended December 31, |
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June 29, 2003 |
June 30, 2002 |
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2002 |
2001 |
2000 |
1999 |
1998 |
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($in millions) |
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| Earnings (loss) before taxes | $ | 230.2 | (3) | $ | (113.7 | ) | $ | 113.9 | $ | 171.2 | $ | 7.4 | (3) | $ | 149.7 | $ | 114.8 | ||||||
| Plus: | |||||||||||||||||||||||
| Interest expensed and capitalized and amortization of financing costs | 83.2 | (3) | 89.7 | 98.5 | 109.6 | 100.8 | (3) | 66.5 | 37.1 | ||||||||||||||
| Interest expense within rent | 17.1 | 21.7 | 25.4 | 18.0 | 15.4 | 11.2 | 8.5 | ||||||||||||||||
| Amortization of capitalized interest | 2.0 | 2.3 | 2.0 | 1.9 | 2.1 | 0.9 | 1.0 | ||||||||||||||||
| Distributed income of equity investees | | | | 1.5 | 2.5 | | | ||||||||||||||||
| Less: | |||||||||||||||||||||||
| Interest capitalized | (2.4 | ) | (1.4 | ) | (3.3 | ) | (2.0 | ) | (2.3 | ) | (1.1 | ) | (0.8 | ) | |||||||||
| Adjusted earnings (loss) | 330.1 | (1.4 | ) | 236.5 | 300.2 | 125.9 | 227.2 | 160.6 | |||||||||||||||
| Fixed charges(1) | 100.3 | (3) | 111.4 | 123.9 | 127.6 | 116.2 | (3) | 77.7 | 45.6 | ||||||||||||||
| Ratio of earnings to fixed charges | 3.3x | (3) | | (2) | 1.9x | 2.4x | 1.1x | (3) | 2.9x | 3.5x | |||||||||||||
- (1)
- Fixed
charges include interest expensed and capitalized as well as interest expense within rent.
- (2)
- During
2001 there was a deficiency of earnings to fixed charges of $112.8 million.
- (3)
- Includes the effect of Ball's adoption on January 1, 2003, of Statement of Financial Accounting Standards No. 145, which requires the reclassification in comparative prior periods of extraordinary items which do not meet the requirements established under Accounting Principles Board Opinion No. 30. In accordance with this standard, interest expense for the years ended December 31, 1998 and 2002, includes $19.9 million and $5.2 million, respectively, related to losses from the early extinguishment of debt. The after-tax effects of these losses were $12.1 million and $3.2 million for the years ended December 31, 1998 and 2002, respectively, and were previously reported as extraordinary items in Ball's consolidated financial statements.